UK watchdog wins second insider dealing crime case
LONDON (Reuters) - Britain's financial services watchdog secured its second criminal conviction for insider dealing as it flexes its muscles after years of criticism that it has failed to target market abuse.
The Financial Services Authority (FSA) said on Wednesday a father and son team were found guilty at Southwark Crown Court of 12 counts of insider dealing and will be sentenced on Dec. 10.
Father Neel Uberoi made about 110,000 pounds ($181,200) based on information provided by his son Matthew, who was famously quoted as saying he learnt more about insider trading from films like Wall Street than from Hoare Govett, the brokerage where he worked as an intern.
The conviction is part of a drive to crack down on the practice by taking offenders to the criminal courts, and the watchdog has three more cases in the pipeline.
The FSA secured its first criminal conviction for insider dealing in March.
(Reporting by Ben Deighton; Editing by David Holmes)
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